stc advances in bidding for Altice's assets in Portugal

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stc, along with France’s Iliad SA and others, has progressed in the bidding for Altice's assets in Portugal, Bloomberg reported, citing sources.

Warburg Pincus LLC, a New York-based global private equity firm, has also progressed to the second round of bidding, while several other equity firms have been dropped out of contention, the sources told Bloomberg.

Patrick Drahi, founder and controlling shareholder of the European-based telecom group Altice, is seeking to raise between $8.6 billion and $10.8 billion from the sale of the company’s assets, although potential bidders find it difficult to meet such expectations.

No deal has been reached in the ongoing discussions, according to the sources.